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FIRST AMERICAN CHAIRMAN SET TO RETIRE DEC. 31; CONTINUES AS BOARD CHAIRMAN

 FIRST AMERICAN CHAIRMAN SET TO RETIRE DEC. 31;
 CONTINUES AS BOARD CHAIRMAN
 NASHVILLE, Tenn., Oct. 15 /PRNewswire/ -- James F. Smith, chairman of First American Corporation (NASDAQ-NMS: FATN), today announced to the company's board of directors that he will retire from active management on Dec. 31, 1992, while continuing as chairman of the board of directors.
 "I'm leaving my management responsibilities with a tremendous sense of confidence that the difficult times are behind us and that First American is well positioned to become the premier bank in Tennessee. The strength of CEO Denny Bottorff and the rest of the management team, the continued improvement in earnings, the reinstatement of the dividend in August and the success of our recent equity offering are all signals that First American will have sound, profitable growth in the future," Smith said.
 Smith, 62, joined First American as a board member and head of the Bank's Knoxville operations when First American acquired Park National Bank in Knoxville in 1983. He was chairman, president and chief executive officer of Park National at the time of the acquisition.
 Smith was named chairman, president and chief executive officer in May 1990. When Bottorff joined First American as president and chief executive officer in November 1991, Smith continued as chairman. Smith also serves as chairman of the bank's Knoxville advisory board, another role he will continue after his retirement.
 "Jim Smith will have a singular place in First American's history. His willingness to make tough decisions has been instrumental in returning the bank to profitability while improving asset quality. His work has set the stage for the rest of us in the bank's management to focus on First American's future direction and concentrate on delivering superiority in service to every customer in Tennessee," Bottorff said.
 On Aug. 20, the board of directors of First American declared a quarterly dividend of $.10 per share, the first quarterly dividend since a suspension in the second quarter of 1990. On Sept. 30 of this year, First American announced the sale of 2,012,500 shares of common stock, an increase of 512,500 over the initial announcement of July 17, as a result of increased demand from the investment community. The offering resulted in net proceeds of approximately $41 million to be used for general corporate purposes.
 First American Corporation, a $6.5-billion holding company headquartered in Nashville, Tenn., owns First American National Bank and has 136 banking offices throughout Tennessee. The corporation also owns First American Trust Company and First American Community Development Corporation.
 -0- 10/15/92
 /CONTACT: Vicki Kessler or Janeen Gregory of First American Corporation, 615-748-2912/
 (FATN) CO: First American Corporation ST: Tennessee IN: FIN SU: PER


CM -- CH007 -- 0644 10/15/92 16:43 EDT
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Publication:PR Newswire
Date:Oct 15, 1992
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